- Monero price hits a 30-day low at $67, yesterday, just when Bitcoin was seen testing support around $8,500
- Over the past four days, XMR against USD has recorded a dip over 22% from the weekly high of $86.418 to the low at $67.118, while currently trades at $71.1
- The current trading price has recovered from the 30-day bottom and retains immediate support 50-day MA yet remains below 38.20% Fib Retracement Level
- Moreover, over the past two days, Monero had lost over 14% when it had hit the given bottom, from the trading price of $77
XMR coin appears slightly bullish as the price makes a 5% recovery from the 30-day bottom of $67 to the current trading price of $71. The early half of the past week appeared to be quite a gainer for the investors; however, we cannot ignore the notable downfall from the weekly high of $86.418.
Monero Price Analysis
Comparing the price movement of Monero with that of Bitcoin against the US Dollar, we see that the coins hold a similar movement and dip over the past one week. Important to note that all the major altcoins, along with the king of cryptos, crashed over the past 48 hours and recorded monthly lows. While the coins are still recovering, today, we see BTC trading around $8,800.
Analyzing the half-hourly movement of XMR coin price over the past two days, we see a notable fall, just when the global crypto market faced a dearth of momentum. This fall has led the coin to nosedive below the major supports at $70 and $68. However, gradual growth over the past 24 hours exhibits a slight bullish divergence of the MACD of Monero coin as it moves in consensus with the signal line. The RSI of the coin is at 52.65 and holds no trading extremities. As per XMR price forecast, the coin might record considerable recovery as it initiates the upside movement.